Microsoft Spent $45 Billion on Infrastructure and Still Generated $18.6 Billion in Free Cash Flow. Meanwhile, Wall Street Is Having an Existential Crisis.
Stock Analysis | MSFT | November 1, 2026 MICROSOFT FY2027 Q1 — QUARTER ENDED SEPTEMBER 30, 2026 $92.3B Revenue +19% year over year 48% Azure growth Year over year $45.2B Capital expenditure Includes finance-lease commencements $18.6B Free cash flow After cash property and equipment spending Source: Microsoft's October 28, 2026 earnings release and conference call. Microsoft+1 Microsoft Spent $45 Billion on Infrastructure and Still Generated $18.6 Billion in Free Cash Flow Why Microsoft's latest earnings make the AI spending panic look a little premature—and why I'm still not writing a blank check to Satya Nadella. I've been watching Wall Street wrestle with artificial intelligence spending for what feels like an eternity, and I've come to one conclusion: investors have developed an extraordinary talent for demanding growth while simultaneously complaining about the money required to produce it. They want artificial intelligence to revolutionize the global economy. T...